Commodity-linked inflation cooling has positively impacted AMZN futures, as reduced logistics costs improve e-commerce margins. Futures pricing reflects increasing confidence in Amazon’s ability to protect margins in a slower inflation environment. That said, the rebound in AMZN has been subpar after President Trump’s Liberation Day tariffs rattled the broader market earlier in the year. The broader picture is just as exciting. Amazonâs high-margin businesses, including AWS and a 19% surge in advertising revenue to $13.92 billion , are reshaping its margin profile and pointing to an increasingly profitable company, despite its still low-margin retail business. All in all, AWS remains the standout revenue driver, according to TipRanks data. Analysts note AMZN futures have been outperforming broader tech indices, with implied volatility pricing in higher-than-average earnings moves. This comes amid resilient U.S. consumer spending data and a modest pullback in Treasury yields, providing a tailwind for large-cap growth stocks like Amazon.